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Financial News: BRAZIL: Ibovespa Closes Slightly Higher Tracking Wall Stre

BRAZIL: Ibovespa Closes Slightly Higher Tracking Wall Street

05/01/2018 - 14:25:00 (RTTNews)

(RTTNews) - The Ibovespa opened higher Friday but lost strength during the afternoon to close with a slight increase (+0.07%) at 86,444.66 points, reflecting the weak day for the U.S. stock exchanges and the quarterly results season in Brazil. In the week, the benchmark stock index in Brazil gained 1.05%.

"The U.S. GDP data has come strong, and there is some concern about accelerating interest rate hikes in the United States, but 10-year Treasuries yields settled just under 3%. The market is adjusting," said Jose Costa, chief economist at Codepe Corretora.

Over the past week, fears on inflation and interest rates have risen in the United States, increasing Treasuries yields, with a 10-year bond exceeding 3%, the highest level in years. Faced with that concern, investors awaited the country's GDP, which came above expectations, bringing some volatility, but not enough to stress markets again and raise Treasuries yields more.

In the domestic scenario, the highlights were the local companies quarterly results. Among the largest falls were the shares of Localiza (-4%), Estacio (-4.05%) and Embraer (-3.32%), reflecting weaker numbers in the first quarter. CSN (CSNA3 -3.47%) and Vale's shares (VALE3 -0.72%) fell due to the drop in iron ore prices abroad.

On the positive side, the shares of Eletrobras (ELET3 +4.82% were the main highlight amid reports that the company was nearing an agreement with Petrobras on its debt. Meanwhile, Pio de Allcar's shares (+3.95%) were boosted by positive financial data, especially the good results in the wholesale trade segment.

The locally traded U.S. dollar closed down 0.43%, quoted at R$ 3,463, influenced by data on the U.S. economy.

For the coming week, Costa economist believes the stock exchange may have a rising trend, albeit with some volatility from abroad, noting that on Monday investors should be more cautious due the Labor Day holiday on Tuesday.

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